April 29, 2021

Small Town Flipping Domination With Wendy Scribner


Wendy and her wife, Syndee, have purchased (or are in the process of purchasing) 8 flip properties since joining our coaching program last July! This includes a commercial property!

Some common excuses I hear from women as to why they can't do this house flipping thing they want to do so badly: 

"My town is too small to do this in, Debbie!"
"My city is too big to do this in, Debbie!"

Many of us will tell ourselves excuses such as these. Excuses help us feel better about being on the sideline and not really chasing our dream.

And yet there is loads of evidence all around us in all sizes of markets of people successfully buying, renovating and selling houses.

Psst... it has nothing to do with the size of your town, city, metroplex, etc.

Excuses are reasons we give ourselves to stay comfortable. If we have excuses and reasons as to why this won't work, then we don't have to get uncomfortable, and we don't have to go do the things that make us feel vulnerable. 

In other words, we can avoid the scary things.  And stay in our little bubble where we know what to expect and it's full of certainty.

Hard pass.

I'll take Wendy's route and make things happen!

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"Leave people and places better than you find them." - Debbie DeBerry | The Flipstress®

Transcript

Unknown Speaker  0:01  
You're listening to the flip houses like a girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers the honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast taco loving host house flipping coach, Debbie DeBerry.

Unknown Speaker  0:39  
Have I got a treat for you to date. Alright, what's up? Thank you for hanging out with me today. And spending some time. So here's the thing, I promise you, you're going to come away from this episode, feeling like, yes, you totally can do this thing called flipping houses, loving old houses back to life. So today's guest is one of my coaching program flip sister members, windy Scribner. So, man, one of the things that I often hear from people is, well, I live in a small town. So this is definitely not possible. I can't do it. I live in too small of a town. What's interesting is I hear the exact opposite sometimes, too, right? I live in too big of a town. It's too saturated. There are too many investors. Can we call it what it is? Can we call it what both of those things are? Their excuses. They are reasons we give ourselves to stay on the sideline, instead of getting into action and chasing the freaking thing we want to chase. So today's episode is just freaking awesome. I loved this conversation. I mean, I love them all. This one I love to because it was different. There was a different angle to it. This small town angle. And Wendy and her wife, Cindy, are completely dominating their market. They will have been under contract on. Let's see if the three deals this week. Yes, three contracts this week. If all of those go through that will be eight properties that they have purchased since last August since joining our program. So let's get into this conversation. Because it's just it's so good. There's so much to learn here. All right, let's jump in. You want to just just start by introducing yourself letting us know where you are, who you are a little bit of your background,

Unknown Speaker  3:07  
as well. My name is Winnie Scribner, and I'm in the most people are gonna know like the Wichita Kansas area. I'm I'm about 20 miles north east of Wichita in a town called Eldorado. So we mainly buy in Butler County, which is the county we live in. I'm born in Missouri, raised in Kansas. I mean, I was raised here in Eldorado and lived here most of my life except when I went away to college and stuff like that. So my family still lives here. My wife is from Eldorado and grew up here. So how big are we talking? Eldorado is about 11,000 people. Okay. Okay, awesome. I love this. All right. So, um, when I was six years old, my dad bought his first rental property and just kept starting to buy more and more. His goal was to buy rentals, so he could put my brother and I from college. That was his whole goal of buying rentals. So when I was six years old, I remember going to like properties with my dad and I would help him like clean them out. Then as I got older, I can remember like being in an attic because I was so small. He put me in the attic with the insulation gun and I was blown in there while he was loading the machine with bags. So, you know, I grew up doing that stuff with my dad, and he helped me buy my first property right when I went to college and that's kind of how I started buying real estate. Got it. So I have a degree in recreation administration. So by day I work at the YMCA and I like to call myself a fun leader. So I have a bunch of youth programs that I oversee and aquatics and all of that. So, I'm a fund leader by day and a real estate investor by night. Um, what else so maybe, I don't know, I've been a real estate agent twice in my life, like, I got my license, I did it full time for a while, got bored, left, did something else missed it had to go back and get my real estate license again, to do it. And so that's kind of a little bit about me. And then just like, not even me, it was during COVID when everything got shut down, and my wife and I both got sent home, and we were working from home, and we were bored to death, you know, just needed something to do. And we're like, let's figure out how we can start investing in real estate. And so that's kind of, we had a lot of time to just sit at our kitchen table and talk while we were both working and kind of decided this is what we're gonna do, and kind of put a game plan together. And I found you on Facebook when I was doing a bunch of Facebook, and Google searches. And it's like, this is exactly the group that we need to be in, you know, the women supporting women and, and just the amount of support that you give, and the amount of support that we get in in the group. Awesome.

Unknown Speaker  6:26  
Awesome. Yeah, I'm glad I'm so glad. Like your journey has just been amazing.

Unknown Speaker  6:31  
Okay,

Unknown Speaker  6:32  
so I didn't realize how crazy it was until I like wrote everything down to prepare. It's like, okay, so I wrote it all down. I was like, wow, we've done way more than what than I thought. That's amazing. Okay,

Unknown Speaker  6:48  
so let's, let's start, like, how about this? What do you think do you think walk through? Like, let's just start with Okay, the first thing you did was this. And does that make sense? to kind of go through it like chronologically?

Unknown Speaker  7:03  
Yeah. So I'll go through, like the timeline that I wrote down. Um, so we bought into your program, July 28. So we became a flipster in July 28. And in August, we bought our first we basically bought it, fixed it and rented it out. Good. And that was a house. That was a three bedroom, one bath house, right across the street from the library here in town. So it was pretty nice, pretty nice neighborhood. It didn't need a lot. I mean, it was basically we painted put new flooring in. I mean, we put a new eight new age HVAC system. We upgraded the electrical, which didn't necessarily need to be done for a rental. But we had the funds to do it. So we just decided to do it. Yeah. We did. Most of the work ourselves, except for like the contracting stuff like h Mac and electrical. I'm rented out. And I think it took us like a couple of months because we were doing because we both have full time jobs. So we were doing it on weekends and evenings. We rented it out in November. Okay, awesome. So in October, so we bought that in August in October, we had a property that was brought to us by my wife's My wife is a big sister. And so her little her mom, uh, well referred us a deal that was for sale that that she knew was for sale right next door to her. So that's kind of how we we got that flipped. So we bought it, and we decided we're gonna flip this one. And so that was supposed to be a three month deal. The timeline was three months, woke up, woke up.

Unknown Speaker  8:57  
conversation

Unknown Speaker  8:58  
as a teaser, okay.

Unknown Speaker  9:00  
Okay, so we bought a flip in October, we closed on it. on a Thursday, we left on Friday to go elope that weekend. And then we were gone for like a week on our honeymoon. So we were bought it left, came back and started working on it. I love it. Um, in January, we bought a commercial building. That's a whole funny story. My brother had opportunity to buy the old lumberyard here in town like 15,000 square feet has like two big huge like drive thru bays, and it has like commercial space and then on top, it's like, I want to make it into like two. Awesome, like apartments. Very cool. He had an opportunity to buy it, but he couldn't do it by himself at the time just because he was so thin with everything else he's got going on. And I'm like hey, I have somebody that might be interested in buying that with you. So I talked to my contacts and we went and walked through it and I'm like hey I want him on this deal this is this is gonna be a pretty amazing deal so we ended up my wife and I another couple and my brother partnered so there's five of us okay, create an LLC called fifth wheel LLC.

Unknown Speaker  10:23  
I love it

Unknown Speaker  10:25  
and bought this building we haven't we haven't done much to it yet but it's been like we were all three or all three parties are using for storage right now and we have one side rented out so we have some income coming in so nice really, really cheap for us monthly and it's like like a ton of storage nice and then we have some plans as far as like the commercial area and like I said, I want to make the upstairs that is just really cool into like two cool apartments. Yeah,

Unknown Speaker  10:58  
what Okay, so like it where is it located? Like, is it in the town or is it outside?

Unknown Speaker  11:03  
It's in it's in Eldorado? Okay. Used to be a lumberyard. Okay. And the lumber yard went out. I wouldn't say that went out of business, because they're still in business. But they they left Eldorado and went to another town. Oh, got it. Okay. So it's like, like I said, it's got these two huge, like, I wish I know, I wish I knew how long the drive thru bays were. But literally, you have like a garage door on one side, and you can like drive through and drive out the other side? That's so cool. What are your plans? Deal? No, for sure what you're gonna do, are you just kind of kicking things around still, oh, the commercial space, which is kind of like in the middle, like, in the front part of the middle. I don't even know how many square foot, um, is it's commercial, we can make it into commercial space, we've kicked around some like, make, again into like some office spaces that we could rent out. Um, we've talked about just making it one big space and then renting it out to like a retail, except it's not in the best location. It's not like off Main Street or central street where it would be good retail space. But it would make, we could probably put four nice size offices in there and then actually have another room that we could put like two big conference rooms in to read those out as well. Super cool. Super cool. So that's kind of that's kind of what we're talking about. We don't have any specific plans. Some of the ideas that have been thrown around are crazy, but that's kind of that's kind of like what we're thinking about right now.

Unknown Speaker  12:36  
Yeah, that's awesome. What did you guys do for funding? Was that like, Did y'all use cash? Or did you get alone?

Unknown Speaker  12:41  
We actually the owner is financing for wheat. Yeah, so we just had to put but we didn't even put I mean, we I don't even know how many percent but um, it was very cheap. We hardly put any down and then are just paying him a paying him a monthly fee and we're splitting anyway. So very reason.

Unknown Speaker  13:02  
I love it. Okay, so you've got a rental, you've got a flip, and you've got a commercial building. All right, now we're into January. So then

Unknown Speaker  13:11  
that was January. So that's when we bought that in March, we bought our forever home and are still slowly moving stuff in. Um, in April, we sold our flip property, okay. which took three months longer than it should have. And then just this week, just this week, we've gone under contract twice. We are buying a property in a in a smaller town, which is maybe like, an hour away from here. Okay, gonna be a flip. We bought it from a wholesaler. Just last night, we went under contract and on another property that we bought from our electrician. And that's gonna be that's gonna be a quick whole tale. Okay, she's okay. Tomorrow. He clubs on a property. I mean, we're selling a property tomorrow.

Unknown Speaker  14:13  
Woman. Okay, this is insane. Yeah, so when you write all that down, it's a lot that you've done like I'm in tears that how much you've done. Okay, so I love this. for so many reasons. I love this. But especially these women in small towns, right? Who said there's it's not possible can't do it. Yep. Kim can't be an investor in a small town. And I'm like, Are you serious? Wendy pretty much out like you pretty soon you'll own Eldorado so yeah, it is possible. Um, absolutely. Like do you think that So I have I always preach this is a relationship business, right? Like it's just it's all about relationships and not necessarily networking. I don't love the word networking. But like, it's like knowing people, having conversations with people letting people know what you're up to. And being open to receiving information, right? receiving deals from people. So do you feel like or have most of your deals come from, like word of mouth kind of things, except this one wholesaler one,

Unknown Speaker  15:32  
the one that we bought, and kept as a rental. That was an MLS deal. Nice. And we saw it, and it was, we went and looked at it. And I'm like, it's a cute house. It's got potential, I think we could rent it for a decent amount, except it was like $20,000 more listed for $20,000. More than then it would work for us to make it an income producing property. Okay. So we went looked at it told our real estate agent to keep us, you know, keep us in the loop. If something happens at lower price, we'll be interested. Like maybe two weeks later, it went under contract and then came back on the market when it came back on the market. They lowered it $20,000. So we're like, okay, we want to make an offer. Let's buy it. And so that so the first deal was an MLS deal. The first flip property, like I said, was a referral from someone we knew. Yep. Who the who knew the owner next door was a tired landlord and wanted to be done because the renter just trashed the house. And so she got us the lady's name a number We called her and got that property. Nice commercial building was actually a guy I went to high school with, that my brother my brother has like a business relationship with. And so that's how we found that deal. The property that we're going, the next flip property was a wholesale from wholesaler. Yep. And I actually, I saw it in like some Facebook groups, but didn't like think about it. And I was looking on marketplace. And then I found it. I'm like, Hey, we're in the market. And then the property that we're going to hotel is from our electrician.

Unknown Speaker  17:25  
I love it. I love it. Like, yes, it's possible. Yes, it's obviously possible in a small town, and I feel like, um, you know, there's just pros and cons to both. Like there are benefits and advantages and disadvantages to all of it. And it doesn't matter where you are like I am. Okay, I'm so blown away by what you've done. Like, I knew y'all have been doing stuff, but What in the world? Okay,

Unknown Speaker  17:51  
so I haven't even told you about a poll that I got yesterday. Oh, gosh, actually, it was a I got a Facebook message, okay, from a lady that that I've known forever. She's a real estate agent here in town. And she just texted me her Facebook messaged me and says, Are you guys still buying buying properties? And I said, Absolutely. What do you have? So she told me about a property that her buyer wants to sell, I'm sorry, her seller wants to sell as his his rent or just trashed the house. You know, it's an it's a huge three bedroom, one bath house, two car garage, and it has a garage apartment. So there's like two rental income producing properties. And she told me the price and it's like, it fixed that up. And you know, he wants to sell it for 50,000 probably after repair value would probably be about 130 right now. Except that's exactly the type of rentals we want to buy and hold. Yeah. bedroom, one bath garage. Those are that's our go to criteria, right? Yeah, they're awesome. And it's like, oh, and then we got the bonus apartment on top, we can fix it up. So we are supposed to be getting into it soon. We drove by it last night. It's like six blocks from my house. It's flat the street from a park. Oh, my perfect location. Um, we haven't seen the insights that we don't know what all needs to be done. But just from the outside, we're like, we want to get in as soon as possible. We're very interested. So

Unknown Speaker  19:25  
that's amazing. And so this is somebody who probably has seen you posting on Facebook, what you're up to, right, like people who are trying to do this in secrets in secrecy, because if they fail, they're gonna feel like they failed in public and it's like, you can't do this in secrecy. You're making it way harder on yourself, like, let people know what you're doing. People want to help, but if they don't know what you're doing, they can't help. Absolutely. Wow. Okay. So this week, you've gone under contract on two already and possibly one more

Unknown Speaker  20:01  
Possibly, yes. If we can get that done by tomorrow, we will have gone under contract for three houses. Tomorrow at 1pm, we are selling a rental that we've had for. I think I've owned it for, like 15 years. And I'm just ready to sell it because it needs some work. And I don't want to put the money into it. And so it's a perfect investment for another investor who's buying it. And it's an income producing property, but I'm just ready to go somewhere else. Yeah. So we actually sell it tomorrow. And we're using the money we make off of that to put down on one of the properties when under contract with this, this this week.

Unknown Speaker  20:40  
That's amazing. What 3456, possibly seven, this week, that right? Total?

Unknown Speaker  20:53  
Yeah. And if you count our forever home that we bought, yeah, hey. And then the house that we move from, or are still moving from, we are going to fix up and sell. So that would be nine. And then once we sell the two deals that we have, under contract, that'll be 11. Like our goal when we set up our goals with you at the very beginning. Yep, I think our goal was to do 12 deals in the first year, and we are almost by the end of July, we will have almost been there shouldn't be right. They're

Unknown Speaker  21:25  
freaking amazing. Like, I'm just blown away. I'm blown away. I'm not surprised, though, like, I'm not surprised, but I'm just blown away. Um, and that just speaks to who you are, like, I just, you're gonna make it happen.

Unknown Speaker  21:38  
Just got to get out there. And like you said, Don't Don't hide what you do. Like, we have a Facebook page, and we post stupid stuff on it. You know, like, when we work, we work in overalls. And so we post like, pictures on our overalls with sledgehammers, and we post before and after photos and and it's just people know, people in our town know what we do. And, you know, we hired a marketing person this week, I haven't even told you that we hired a marketing person this week. So she's gonna bring your company is hiring. Yes. So we met with her Tuesday night. And, you know, got her on the same page is like, what what we do, what we want to do, where we want our company to go, what our vision is for marketing. And so she's going to build our website, because we don't even have a website right now. So she's gonna build our website. So once we start doing more like social media posts, and Google ads and all of that, yep, we can drive people to our website. Yep. And get more get their information. That's amazing.

Unknown Speaker  22:47  
That's amazing. Within a year, you're hiring. Like, that's so cool. Like, it's so cool. Um, okay. Let's talk about your let's talk about your flip. Gotcha. Yeah. Okay. So you bought it in October. You're selling it? You're closing tomorrow? No, that sold that you sold earlier? Yep. That's right. Okay. Um, yeah, let's talk about that. So you found that through the friend? Well, yeah, the Little Sisters mom's neighbor. Yep. And tell me about the financing. How'd you guys finance that?

Unknown Speaker  23:26  
So we did 100% financing with the private money lender? And it was zero point, and 10% 10% interest. Okay, how did you find this private investor, he funded he funded the whole deal, like the purchase the repairs, everything. Um, the, the guy that we used was actually a real estate agent that I used to work with, probably 15 years ago, we worked for the same company. I he was a, he was just getting started as an investor back then. I kind of worked for him a little bit, like with some transactions. And 15 years later, we've kind of stayed in contact and and told him what we were doing. And we're looking for some financing. And he's like, send me the Send me the details information, you know, and if it makes sense, then I'll give you funding 100% 10% interest. So we were in it. I can't say we weren't in it for any of our money because as we go through, so like we bought it for 25,000. Then our repair budget was 30,000. Okay. Okay. So he funded, he funded $35,000 right there. That 55,000 Yeah. He funded he funded $55,000 of the project. Okay. And the way we did draws He gave us $15,000 at closing. And then once we spent that we sent him like, the, like a spreadsheet of this is what we spent the money on. And so he sent us the next 15,000 got it easy enough? Yeah, yeah. So we ended up having to put, let's say, $10,000 of our own money into it. Okay. Because we went $10,000 over budget on repairs. And the way we got that 10,000 was, okay, remember the first property? We bought the buy and hold? Yeah. Okay, so we did that. And then we did a cash out refi on that once we were done rehabbing it, and we cashed out $10,000. Okay, so there's that. There's where that $10,000 went, it went back into the rehab of our flow. Okay, I love it. So we were in it purchase price. 25. rehab, was 41. I guess we were 11,000 minute 41,000. So we were in it for a total of $66,000. Originally, our timeline was three months, I thought, Oh, we can do this in three months. No, no problem took us six months. Um, we ended up selling it for 90,000. Okay, and so you want to how we got the seller? Yeah. Remember the person that referred us to this house? Yeah, neighbor, right. her ex husband. And the father of her kids bought it? Oh, my gosh, she got us, the buyer as well. Oh, my gosh, there's some benefits to living in a small town

Unknown Speaker  26:59  
that I mean, seriously? Seriously. I let the next time somebody tells me Oh, I live in a small town isn't doable. I would be like, You're full of crap, man. You've got so many advantages. Gosh, so that's amazing.

Unknown Speaker  27:15  
Okay, so we sold it for 90 minus the 66,000 that we were in it. That comes to like 24. Then we had to pay 10% interest to our private money lender. So minus 5500. So we profited 18,500

Unknown Speaker  27:31  
on a on a house. So basically 20% of that you made 20% of the ARV is profit. Yes. That is at that price point. Like, that's unheard of. So it's heard of it's rare. I should say that. Wow. Okay. I'm freaking amazing. Amazing. And here's the thing. Yeah, it took longer. Do you think that the value also went up? in those extra three months? Or do you think it would have still been 90k?

Unknown Speaker  28:12  
I don't think we sold it. I think we could have gotten more. I think we've could have gotten like 95 by the time we were done. But we found the buyer or we Yeah, the buyer was found probably three months into the project. Got it. And

Unknown Speaker  28:34  
so yeah,

Unknown Speaker  28:37  
I think I left $5,000 on the table, but it was I think it was a win win for everybody.

Unknown Speaker  28:41  
Yeah. You know what I've done that many times, left, left some money on the table. But it's always been like, you know what it was it ended up being less stressful. The project takes twice as long as what I thought it would take. It's like, I just want to know that there's fire for this. Because

Unknown Speaker  28:59  
by the end by the end of that fifth month and go into that six months, it's like, Oh, I'm so done.

Unknown Speaker  29:05  
I know. It's hard to be on. I know. It's hard when you're and when you're done with the house. You're done with that? Yeah,

Unknown Speaker  29:11  
we definitely. I definitely got to that point. Yeah, I never get done. And it was hard. It was hard making myself go over there to do the finishing touches and redo the we did the hardwood floors and it's like, oh, we have a buyer candy. Just buy it now like it is.

Unknown Speaker  29:31  
Just take it.

Unknown Speaker  29:35  
Okay. Did you guys do the work most of the work?

Unknown Speaker  29:40  
We did a lot of the work. Okay. Did all the interior painting painted the kitchen cabinets? We did all the demo. Like there was a wall between the living room and the dining room. And my wife's vision was to tear that out. Put in an island to open it up into the dining room. So we did all the demolition demolition, which is probably my favorite part is the demo part. Oh yeah, very, very therapeutic. And then I started demoing the bathroom and it had all the lath and plaster on it. So I ended up like tearing it down to the studs, which was fun, until we had to, like, clean all that up and move it to the dumpster. That was not fun. So we did a lot of work on our own. Yes.

Unknown Speaker  30:32  
Did you intend like, Do you enjoy that? Like, y'all enjoy it? Y'all want to

Unknown Speaker  30:36  
do the work yourselves? Or? We thought we did. We have a whole new perception now after we've done it. And both of us working full time and doing it it? Yeah, we've decided on the next few. We're just going to hire hire it all out. Yeah. You know, we make sure we have all that into the into the rehab costs. Yep. And, you know, we're helping somebody else out, we're giving other people jobs, we're paying them. Yep, we are going to get things done probably twice as fast, right. And we're able to do the things that we love, like go look for more houses, or, you know, like, the wholesale deal that we have under contract is basically paint and flooring. We're gonna do all the paint ourselves, hire the rest of it out, which we don't mind doing. Because it's like, simple, the walls are already white. So we're just going to give it a fresh coat, which will only be a one coder, and we're gonna paint the ceiling and the walls the same color. So that makes it even easier. Oh, yeah. And so we enjoy doing those little things. Yeah, I would. After the six months after this flip. I would rather spend my weekends out adventuring, right. You know, which is Yeah, we love to glue and not redoing hardwood floors or painting.

Unknown Speaker  31:55  
Totally. I totally get that. So that's the thing. It's like, when when, when people ask me, well, what if I want to do the work? And I'm like, that's, that's great. You're it, but it then becomes more of a job, right? Because then nothing gets done if you're not there. So it's like, let's have like a happy medium, like, where you're doing some of the things. But you also get to freakin enjoy life. And you're not just tied to this house that, you know, five months, you're like, I don't even want to go there.

Unknown Speaker  32:31  
That's exactly where we got. Yeah, I want it to be more of like, I think looking back now I want it to be more of a business and not a job. Exactly. I want to be doing the things that are going to produce income. And you know, hire out the rest. Absolutely. It's a win win for everybody. Like we are finding more deals, we are employing people who need jobs and who do fantastic work for us, you know, we're keeping them busy. So it's just a win win for all of us.

Unknown Speaker  33:04  
I think that's such an important point to make. And I think it's hard. It can be hard for some people to hire anybody, like the fact that you hired a marketing person. It's like, you know, that part's really important. You don't want to do it. You want like so that frees up your time to then go find deals and go do the things that you like doing the parts of the business you like doing it, but people get scared of that. Like, it's like, well, but what if, what if and it's like, I, I've never, I've always like when I've finally hired people in whatever business it is. I've always regretted not doing it sooner. I've never regretted doing it. I've always regretted not doing it sooner, right? It's like, because you get so nervous, like oh, but what if and now I've got to pay this person and that feels stressful and but then but the whole point is to free you up to do the money making things.

Unknown Speaker  34:04  
I think to be successful, you've got to have some type of marketing budget, whether it's big or small. I don't think it matters, but you got to be able to get your name out there and let people know what you're doing. Otherwise, you're not going to have any leads if you don't have any leads and you're not gonna have any deals. Right. So I think we understand how important like lead generation is and marketing and getting our name out there. Yes. Done a fairly good job so far just on our own. Yeah, but we know like where we want to go. Yep. And to get there we know that we need somebody that is better at it who has more time to dedicate to it. And then we'll take the calls and but we love to drive for dollars. Yeah, we love driving neighborhoods isn't ready to address I did him I did. Yep, looking up to see who owns it and be like, Oh, we know them. Let's just call them you know, so So that's so we we love that part. We take the dogs we go for a ride and it's just a blast.

Unknown Speaker  35:07  
Yeah, I love that part too. Even when I'm like traveling, even if I'm if I'm in a different city, I'm gonna go drive for dollars. I love it. I love going and looking. I love it. So kudos to you, I'm so impressed that you guys are hiring and, and really running this like a business. It's so it's so different. It's such a different mindset than a job. And like we didn't we're not doing this for it to be a job. We want the time freedom. Like that's the whole point of like doing all of this, right? Like that time freedom is like, that's what we don't get back. We can't make more of that. Can't make more time. Yeah. Um, okay, so did you guys. In those six months, were there some surprises that came up? Or was it just like it, you guys were just doing the work. And it just dragged out.

Unknown Speaker  35:58  
surprises as in like, we had a bid for electric to upgrade the electrical service. And then as, and we should have seen it coming. I mean, this is our fault for not searching more. But as we dug into it more, there was a lot of knob and tube wiring. And we're like, you know, that's not safe. If we, if we have to have an inspection, we're going to get called out on it. So we ended up instead of just updating the electrical panel in service, we ended up re rewiring the whole house. Oh, dang. So I mean, that doubled our cost. Sure, you know, the the electrician hadn't budgeted time into that project to rewire the whole house and they had to like pull wire through everything. So that probably took an extra two months longer than, you know than what we had anticipated. So that that would have probably been the biggest one is not seeing not planning on the knob and tube wiring. being there. Got it, which I'm sure we saw when we like looked in the attic. It just probably just didn't click with us that like we need to take care of that. Ah, yeah. So yeah, so that was probably the biggest thing. Okay, double, we've doubled our electric bill, electric bill, and then it also probably drugged out too much longer. Just notice he had to fit us in between jobs. Got it? So

Unknown Speaker  37:32  
got it. Okay, so that was the big the big, the biggest surprise? Yes. Okay, we talked about how you financed it, that was a private lender, we talked about the GCC, how you ran it,

Unknown Speaker  37:44  
you did a lot of the work, you subbed out things, we went and got all the supplies, which I don't want to do, again, because we both have full time jobs. And we do have like a sutherlands here in town, which is kind of like a smaller Home Depot type thing, which we ended up going and getting a lot of our stuff at just because of the convenience. But we paid more because of that. Like if we would have went to Wichita like 20 miles away, and gone to Home Depot or menards, or something like that, we would have saved money. But it just would have cost us more time. So I don't want to do that aspect of it yet. So I think we learn that you don't want to be the general the general contractor and we don't want to be the one getting the supplies, guys. Because you know, both of our jobs are there not necessarily nine to five, right? So right. So trying to squeeze that in working full time and making sure we get the supplies on time. So right up the contractor right? just doesn't make sense for us.

Unknown Speaker  38:51  
Yeah, I recently I that's like one of the biggest things that I still have held on to doing is taking taking supplies to the job sites. And so I recently got rid of my pickup truck. So I'm like forcing myself to not be the person who goes to get the stuff. I summon se view. But I'm like, No, I'm getting rid of my truck. And it's a really big deal. Like, my son was like, Wow, you're not going to have your truck. And I'm like, my crew is like Whoa, oh my god. Yo, no, y'all are doing this. Y'all are going to get supplies. I'm not doing this anymore.

Unknown Speaker  39:29  
Free up a lot of your time. 13 years for me to get here. Why have I been doing that? We did it. We had to go hook up a trailer. And then go get the supplies and then go drop them off the trailer and then come back. And yeah, it was it was time consuming. Yep. But I don't think we would have gotten to that point unless we had done it through a whole project. So I'm glad we did it so we could and that that just doesn't work for our business model. Exactly. Yeah, because if it would have probably saved us some time, and we would have gotten the reward points and the rebates from menards. But right now I'm willing to give that up for for the extra time that we'll have.

Unknown Speaker  40:11  
Yep, exactly. And that's, that's exactly it. It's like doing things and seeing testing, do I like to do this? Is this something we want to do? Or is this something we want to give to somebody else? Right? Do we want it on our plate? Or does somebody else get it on their plate? I love that. Like, I just love your attitude around it. Like, we tried. It doesn't work for us. We're not doing that. I mean, it really,

Unknown Speaker  40:36  
it's as simple as that. And I think it's kind of like, you know, we don't mind. I think I think the hardest thing that we're having troubles with is the fact that we can do a lot of this on our own, like, we can paint and we could probably install the LBT. I mean, there's a lot of things that we could do you want to own to probably save money, right? But you've got to think about it Time is money. Absolutely. So I would rather I would rather do two deals in six months, and have double then, you know, double the potential income, then have one project drag on for six months, because we decided we wanted to refinish the hardwood floors, because we can do that and save money or we want to paint the interior because we can save money. I think it's a learning experience. I think you have to like do that. And and and realize it. Yeah,

Unknown Speaker  41:30  
I totally agree. It's very similar to like marketing things, you know? Yes, marketing works. But it's it's testing. It's constantly testing and tweaking, you do some marketing, and then you're like, Okay, what worked here? Like, what were the results? What do the people we attracted? Are they the people we want to work with? No, okay, we need to tweak some things, right. It's just constant testing and tweaking, which you're doing already in in the other aspects of your business. I just love it like this is I love it. I love this conversation. This is such been such a fun conversation. Okay, so I think we talked about everything, um, like logistics, and like numbers wise that everybody likes to hear about? Yeah, yeah. You invested in the past, you flip some houses in the past? So I wonder if you had any, like, fears? Or like, any concerns going back into this? Or were you just like, you've already dealt with that? Your past that?

Unknown Speaker  42:33  
You know, I think growing up in like the real estate investment business, like with my dad, and my brother does it, and I've done it, I think it's always been a passion. I don't necessarily, I think now, what's changed is the fact that I have a very supportive wife, who is like, do do it, you know, and is 100% behind me and helps me in the business. And I think that's what's made the all the difference is having that supportive spouse that that is encouraging you to follow your dreams and do what you love. Right. So, so fears. Um, I mean, I guess my my thought right now is if we get this other property this week that we really want to buy and and hold. The next thing I'm going to figure out, how are we going to finance that? Right, right, you know, right within this, like, we've already been talking about, like, okay, we've, you know, I've talked to so and so who's said, Hey, I'd be interested in being a private money lender, but I've never brought him any deals. So I'm like, maybe I'll put the deal together. If this all works, I'll put the deal together. And I'll go pitch it to him and see if he'd be interested in doing it for like a short term. And then once it's all renovated, then we just, we just refinance it with a with our lender or local lender into permanent financing over 15 years. So those it's like, I probably am going to have more deals coming in that I that I'm gonna have to find financing for. So I think and I don't know if that's necessarily a fear, I think that's an excitement. Yeah, of like, bring me as many deals as you can. Right. You know, we'll figure it out. financing. Exactly, exactly.

Unknown Speaker  44:19  
That's it. And that's the thing, like when people are like, Oh, I just can't I can't find Fannie financing. I'm worried about the financing part. It's like, no deals, find money, find the deals, you'll find the money, I promise you, but but when people are like, Yeah, but I tried to get this deal financed, and you know, you look at the numbers, and you're like, well, there's $2,000 of profit. That's why you're not that's why nobody wants to be an investor on that deal. Like there's, too It's too thin. Yeah,

Unknown Speaker  44:46  
I think if you can go if you can go to them with you know, and show him like your data analyzer information and you know, after repair value and the potential profit and you know, like the timeline is going to take to get there and yeah, If it's a deal, then people with money that are willing to be private money lenders are going to be like, heck yeah, that's, that's a no brainer. I'll make 1010 to 12% on return on my investment in three to six months. It's way better doing anywhere else. Exactly

Unknown Speaker  45:17  
impossible to do anywhere else. And it's, it's tied to the best collateral there is real estate. So yes, there are plenty of investors out there. And I have no doubt that you'll be able to find in as much money as you need for your deals. I'm not worried about it. Um, okay, so just to wrap up, and be mindful of time. To summarize. Yes, within about 12 months, your first year, you will likely have done 12 deals. Yes. You this week, you'll be on a deal. 11 possibly. If the if the once we sell them, Uh huh.

Unknown Speaker  46:09  
will be 11 and 12. Yeah. So do under contract to buy one selling tomorrow. And hopefully, this deal that a real estate agent brought me yesterday, we can get a contract on your contract written by tomorrow, that will be three written offer three contracts in one week. I want to do this every week. It's been It's so

Unknown Speaker  46:34  
fun. It's so fun. Oh, I just want to collect all the houses. So fun, man. Ah, Wendy, I am just so inspired by you. I'm so impressed. I'm not surprised. Because I just I can tell by who you are that you just get shit done. And, like, thank you for sharing this with us. Thank you for sharing your journey with us. This is it's impossible for somebody to listen to this and not be inspired to go kick some real estate by doing it all in a small town. Exactly. I'm like, Alright, I'm going to no small town. Yeah.

Unknown Speaker  47:20  
Well, thank you for giving me the opportunity to share all that. Oh, my gosh, you know, for all your support that you give up, give me and our whole community? Absolutely. It's definitely it's definitely helps good. All the support that we get through the community. Good. And you know, and a lot of it is mindset, you just got to just do it. You just hit you really do this? No, you can do it. Yep. Yeah, it really is. No, there's money out there. If you bring if you bring people a deal, and there's money to be made. It's a good deal. They're

Unknown Speaker  47:55  
gonna do it. Absolutely. Absolutely. I totally agree. Thank you for sharing that. Thank you so much. I'm going to have you on again. And I'm going to be blown away again, by all that you've done. Have fun on your day off. And I'll see you in the group. I'm super excited to see what else you do.

Unknown Speaker  48:18  
Soon as we get these under contracts, awesome. I'll post some pictures. And you know, we're here for pictures. We're always here for pictures. Thank you so much. Thank you Have a great day.

Unknown Speaker  48:29  
I appreciate it. You too. Bye. Bye. I think that's such an important episode for people in big markets, in little markets, in anything in between, because it's all about getting out and doing the thing. And if you're sick of being on the sideline, and not taking action because you're scared and you don't want to do this alone. You don't have to. Alright, get on my waitlist, because the women inside my program. First of all, the community is unbeatable. The place is awesome. All right. I guarantee you you've never experienced anything like it. Secondly, we are closing on deals left and right. We have so many first flips happening right now. Yes, in the middle of a pandemic right now. And they're smart flips and they're doing good in their communities. If you want to be part of something really incredible, we would love to have you if you resonate with my message. If you resonate with my vibe, I know that you're going to love the other women inside the community. Alright, go to first flip dunrite.com get on the wait list and you'll have first dibs on the next opening because I give so much personal attention to people inside my community. I don't let A ton of people join at once so it's on a rolling, ongoing basis. Alright, so put your name on that list, you will be notified within a week or two of your chance to join. Alright, first flip dunrite.com until next time, go out there flip houses like a girl. Leave people in places better than you find them and make it a great day. Bye